Cadence now privately held and moving forward

March 7, 2011

Starkville's Cadence Bank is now officially in the hands of a private holding company, and bank officials have outlined steps they intend to take as the institution moves forward.
At a press conference this morning, bank officials outlined a number of new initiatives, including a mobile banking service and extended hours at the bank's telephone customer service center. They also have launched a training platform to help employees offer "memorable service," Cadence President Mark Abernathy said in a statement.
Friday's closure of the transaction leaves Cadence with a $144 million capital infusion.
The funding "will be an important part of strengthening Cadence's platform to expand and enhance our service to customers, and to invest in the communities we serve," said Paul B. Murphy Jr. in a statement.
He is the president of Community Bancorp, the Texas-based holding company which purchased Cadence and now Cadence's board chairman.

Editor's note: Look for additional coverage of this transaction in both the online and print editions of the SDN on Tuesday.